As markets around the world prepared for the upcoming holidays, the logistics industry had ramped up to meet demand. Now, ocean freight rates are declining while there has been movement in the rankings for the top global port. Discover the current state of global logistics and what is ahead for the remainder of this year.
Ocean Freight Index
Ocean Rates Declining or Staying Flat
China origins saw tight capacity early in the month due to post Golden Week volume surges. Rates continue to decline to the U.S. east coast and remain relatively unchanged to US west coast. Freight of all kinds (FAK) rates to most major U.S. destination currently valued below the market rates of April/May 2017 contract signing period. For fixed rate accounts with good Minimum Quantity Commitment (MQC) management, there may be opportunity to save money during this period.
General Rate Increase (GRI) & Peak Season Surcharge (PSS) Summary
Next GRI/PSS Adjustment Expected 12/1
Movement Occurring in Top Global Port Rankings by TEUs
The table below highlights the top ten global ports in terms of TEU throughput. Quarterly, we track updates for the current year volumes compared to the previous three years. Shanghai continues to outpace all ports for title of the world’s busiest ocean port.
Sources: Marine Department Hong Kong/Alphaliner
The World Trade Organization Indicator (WTOI) estimates that global trade growth in the fourth quarter will be comparable to previous years suggesting that there will be continued growth in the volume of freight, however the pace of that growth will be slower than other quarters1.